Qorvo Inc (NASDAQ:QRVO) Expected to Post Quarterly Sales of $730.40 Million

Wall Street analysts expect that Qorvo Inc (NASDAQ:QRVO) will post $730.40 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Qorvo’s earnings. The lowest sales estimate is $730.00 million and the highest is $731.70 million. Qorvo posted sales of $775.60 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 5.8%. The company is scheduled to report its next quarterly earnings report on Thursday, August 6th.

On average, analysts expect that Qorvo will report full-year sales of $3.15 billion for the current year, with estimates ranging from $3.13 billion to $3.18 billion. For the next year, analysts forecast that the firm will report sales of $3.46 billion, with estimates ranging from $3.35 billion to $3.54 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Qorvo.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Thursday, May 7th. The semiconductor company reported $1.57 EPS for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.24. Qorvo had a return on equity of 15.74% and a net margin of 10.32%. The company had revenue of $787.80 million for the quarter, compared to analysts’ expectations of $769.38 million. During the same period last year, the firm earned $1.22 EPS. Qorvo’s revenue for the quarter was up 15.7% compared to the same quarter last year.

A number of brokerages recently commented on QRVO. Oppenheimer began coverage on Qorvo in a report on Friday, May 8th. They issued a “hold” rating on the stock. Cfra decreased their target price on Qorvo from $120.00 to $109.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Cowen raised their price target on Qorvo from $110.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, May 8th. UBS Group raised their price target on Qorvo from $91.00 to $100.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Bank of America reissued a “buy” rating on shares of Qorvo in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $109.74.

Qorvo stock traded up $2.57 during trading on Monday, reaching $101.54. The company had a trading volume of 1,119,505 shares, compared to its average volume of 1,833,976. Qorvo has a 52 week low of $58.52 and a 52 week high of $122.37. The firm’s 50-day simple moving average is $90.29 and its 200 day simple moving average is $100.18. The firm has a market capitalization of $11.45 billion, a price-to-earnings ratio of 36.01, a price-to-earnings-growth ratio of 2.03 and a beta of 1.42. The company has a current ratio of 3.14, a quick ratio of 2.18 and a debt-to-equity ratio of 0.37.

In other news, CFO Mark J. Murphy sold 4,000 shares of Qorvo stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $94.03, for a total value of $376,120.00. Following the sale, the chief financial officer now directly owns 108,260 shares of the company’s stock, valued at $10,179,687.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gina Harrison sold 1,328 shares of Qorvo stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $87.69, for a total value of $116,452.32. Following the completion of the sale, the vice president now directly owns 15,730 shares in the company, valued at $1,379,363.70. The disclosure for this sale can be found here. Insiders sold 26,997 shares of company stock worth $2,684,932 over the last ninety days. Insiders own 0.71% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors grew its position in Qorvo by 1,617.5% in the fourth quarter. Captrust Financial Advisors now owns 1,769 shares of the semiconductor company’s stock worth $205,000 after acquiring an additional 1,666 shares in the last quarter. CIBC World Markets Inc. purchased a new position in Qorvo in the fourth quarter worth about $425,000. Acadian Asset Management LLC grew its position in Qorvo by 57.6% in the fourth quarter. Acadian Asset Management LLC now owns 200,199 shares of the semiconductor company’s stock worth $23,270,000 after acquiring an additional 73,192 shares in the last quarter. Advisor Group Inc. grew its position in Qorvo by 1,683.5% in the fourth quarter. Advisor Group Inc. now owns 37,756 shares of the semiconductor company’s stock worth $4,388,000 after acquiring an additional 35,639 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Qorvo by 48.0% in the fourth quarter. Russell Investments Group Ltd. now owns 445,543 shares of the semiconductor company’s stock worth $51,778,000 after acquiring an additional 144,541 shares in the last quarter. Institutional investors own 90.15% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Earnings History and Estimates for Qorvo (NASDAQ:QRVO)

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